The reality sector may take three to ten years to be impacted by the arrival of IT majors TCS and Infosys in the city.
Indore chapter chairman and the national secretary of the Confederation of Real Estate Developer Association of India (CREDAI) Vijay Mirchandani said this while talking to dna on Wednesday.
“The commencement of operations of the IT majors, recruitment of employees and establishment of support infrastructure in the area would take time so the actual benefits would be reaped by realtors in 3 to 10 years,” Mirchandani explained.
He was briefing media persons about the two-day CREDAI conclave to be held at New Delhi from December 13. CREDAI Indore office-bearers would be part of this conclave.
In the presence of union minister Girija Vyas, BJP president Rajnath Singh and chief ministers from UP, Haryana and Punjab, the realtors from across the country, including Madhya Pradesh, would deliberate upon the policy measures and amendments in the existing norms in the conclave.
“Real estate sector calls for urgent attention, as it will be instrumental in transforming the current 6.3% GDP growth into the double-digit growth,” Mirchandani claimed.
He admitted that in several cities construction of high end accommodations has taken place and the realtors failed to gauge the demand from middle and low income groups which led to recession.
“This might be the case in Indore, so the realtors need to look into it,” he suggested.
He claimed that recently, the CREDAI delegation had called on Sharad Yadav, chairman of standing committee formed for Real Estate (Regulation and Development) Bill and had offered suggestion on 44 various points of the bill.
CREDAI Indore secretary Sandip Srivastava told media that it is improper to assume that Indore has surplus accommodations built by the developers.
“In certain areas, in the expectation of the inflated returns, developers have built large number of housing options and that’s why the demands in some areas have been sluggish,” said Srivastava, claiming that the growth-oriented city is witnessing constant demand for accommodation options.
On being asked what CREDAI is doing against builders like Champu Ajmera-Chirag Shah, the secretary maintained that CREDAI extends membership on the basis of strict criteria.
“Being realtors, we can only regulate functioning of our members,” he claimed.